Pierre Lapomme has joined BNP Paribas Asset Management at the beginning of April 2005 as Chief Executive Officer of BNP PAM US.

His main mission will be to manage the BNP PAM teams in the USA and to accelerate the development initiatives of the company. Based in New York, he will report directly to Gilles Glicenstein, Chief Executive Officer of BNP PAM.

Currently BNP Paribas Asset Management is present in the USA:

· In New York with a business development team and with its subsidiary FFTW, specialised in international bonds management · In Philadelphia with its subsidiary CooperNeff Advisors, specialised in quantitative strategies.

“BNP Paribas Asset Management has real ambitions in the United States and Pierre Lapomme's experience is an additional asset to our development in this market. The American market offers numerous growth opportunities both in production and distribution” said Gilles Glicenstein, Chief Executive Office of BNP Paribas Asset Management.

Pierre Lapomme, 43, had managed the Equity Capital Market Department at Crédit Lyonnais then at Calyon in Paris since January 2001. Previously, for 8 years he was in charge of the US Equity Department at Crédit Lyonnais Americas in New York. Prior to that, he was in responsible for a portfolio of listed companies within the Primary Markets department of the Equity Markets division of Crédit Lyonnais in Paris.

BNP Paribas Asset Management is a major player in fund investment and distribution in Europe with €196.3 billion in assets under management as of 31 December 2004. More than 1,400 professionals work in the asset management business in approximately 20 countries. Investment teams are present in all the major world financial centres, including Paris, London, New York, Tokyo and Hong Kong. The investment teams are specialised by major asset classes, management styles and geographic zones.